Selling The Family Home In Divorce

Of all the assets that couples collect during their marriage, the family home is often one with the greatest sentimental value. It is where countless family dinners have taken place, where children may have grown up, and possibly even the first threshold they walked over together as husband and wife. Sadly, it is that sentimental value that often makes selling the family home in divorce difficult. The following information may be able to help you through the process.

Do You Have Other Options?

Before you proceed with the process of selling your home, consider whether or not you actually have to. True, the home can give you liquid assets to start over with, but sometimes you are taking a bigger cut by selling during the divorce process. If, for example, you live in an area where the housing market is stalled or strained, you may be better served by finding an alternative. Can you “buy out” your spouse in the divorce and keep the house for yourself? Even if you cannot make the mortgage payments, you could use the house as a rental property.

Alternatively, maybe a refinance would lower the mortgage payments and make it possible for you to keep the house. Whatever you decide, make sure you are realistic in your reasoning. If it is simply too much for you to afford or handle, you really are better off selling, even if you end up taking a loss.

Important Information for Divorcing Home Sellers

If you have decided that selling really is your best option, then there is some important information that you need to know. First, both you and your spouse must be a part of the selling process. This can be especially difficult for couples who are struggling to get along. If one of you signs off, relinquishing your role in the sale process, then the other can take over. Unfortunately, obtaining that release is not always an option. In these instances, try to limit communication as much as possible. Define whom will do what in the sale and arrange specific times that each of you will be at the house.

Another important tidbit of information is that houses tend to sell better in the spring and summer. Though there is a boost around the holidays, winter months are typically slow for real estate. As such, you may want to wait to list it until early spring or late summer. If you simply cannot delay the sale, then be prepared for hagglers that will try to talk you down on your purchase prices. Know how much you are willing to cut, and what your limits are to avoid excessive loss.

Contact Our Naperville Divorce Lawyers

The process of divorce is a difficult and complex matter. Do not try to face it alone. Instead, contact Sullivan Taylor, Gumina & Palmer, P.C. Dedicated to helping you reach a favorable settlement in your divorce, we will serve as skilled advocates and guide through each step. We will protect your rights and your best interest. Call us at 630-665-7676 and schedule your consultation with our Naperville divorce lawyers today.